Decentralized Finance Projects: BetterBetting

The global market for online gambling has increased at a pace significant growth over the years 2010-2016 and the projections made that the market will maintain a growth rate over the next five years. This growth has been estimated taking into consideration the growth pattern before, driver growth and current and future trends. One of the ones becoming a major sporting event like the upcoming 2018 FIFA World Cup in Russia as well many other major sporting events taking place around the world.In a report from Global and Gaming Consultants, Asia is the biggest market for gambling and sports betting in particular. The online betting industry has lacked innovative ideas for some time. The likelihood of massively supporting bets, payment methods already outdated and regular players won restricted or banned. There is a lack security, lack of privacy, exorbitant fees and low yields, all of which is a good factor to place a bettor or encourage them to wager under the hands.

The Better Betting Foundation relies on effective technical implementation to achieve its goal of providing Global Betting Liquidity Pool. Along with the development of business needs, technical inquiry has been conducted with the aim to find the optimal technical solution. Basically, the intention is to provide a pool of global betting liquidity for use by targeted market creators and bettors. In principle, anyone can make a Bet Offer based on a real sporting event, this is more traditionally known as a bet.

Each Bet Bet will be grouped by market and event and listed in a searchable directory. Bettors who want to place bets can then search in the directories and find the bets they want. The betting acceptance process then involves blocking Ethereal to keep an agreed bet contract that also holds shares and liabilities in escrow — the system will use self-issued token bets (BETR). When the event is over, the bets associated with the event can be completed. To settle the bet, the result of the selection must be determined.

The smart bet contract will contain information on the parties that will supply the results of the selection. In the case of bets offered by this sports book generally it is Bet Offer Creator (bet bet). Another solution is to point third parties to the results (this can be a data feed) or designate a special 3rd party node that is a knot node — it will complete according to a set of rules based on all other similar settlements.

The Ethereum Network will be used for the management of bet contracts and BETR tokens and interfaces to other systems above it to provide UX to Bet Offerers and Bettors by running betting directory services as distributed databases. This system we call ‘Better Betting Node’ (BBN).

BBN is a downloadable app that is installed on a user’s device and includes an ethereum wallet. This is similar to blockchain applications as far as operating without central servers and nodes communicating with each other to maintain the state of the database. BBN does not need to store data indefinitely, and that is one aspect that distinguishes it from standard blockchain networks where each node (or miner) stores a full copy of the transaction ledger.

There are two parties who bet. In our terms, we call the party that created (or put) a Bet 11 Offer a BET CREATOR. Traditionally this would be a sports book but in our case, anyone could be a Creator Bet. On the other hand, the party who took the offer offer (or part of it) is called BETTOR.

From the point of view of Bettors, they basically want to see a list of sporting events and betting options with the available obstacles and limitations. By selecting a bet option and applying the bet amount, a bet can be made. For CREATOR BET, they want to be able to create a Bet Offer series with betting options, opportunities and limits (maximum risk exposure) and place them into the betting directory so Bettors can select them as above. It is predicted that a standard BBN API will be created that allows Creator Bet to integrate directly with their own system so that it offers automatic offer of creations.

Above all this system needs to know when the sporting event is scheduled and when the results. To do this, the same APIs available for sports books can be used to link samples of BBN and data feed providers. This will facilitate the creation of automatic events, markets and selection and can also facilitate the results. One of the main features of the directory is to provide Event ID, Market and Selection so that event data can be paired with the betting creator system. The Event ID will include the Primary Feed Provider ID and may also include the Creator ID.

More Advantages:

Peer to Peer betting with no central party
Provably fair and unbreakable
Applicability to other gaming activities
All software will be open source and available for free
Access to betting in more jurisdictions
Access to much larger bets – global betting liquidity
No risk to punters from underfunded operators
Designed by the industry for the industry

Structure of Three Layers of BBN

To provide a technical solution to these requirements, a three-layer application is considered which can be described as follows:

ICO and token sale

At least $ 2 million, a maximum of $ 30 million will be raised through token publishing. 650.000.000 Token — The amount of BETR is limited and can not be increased after ICO.

Development and marketing of the system will be funded through the issuing of a betting token (BETR). The number of BETR tokens is hard capped, with liquidity increases facilitated by an increase in token value. There will be an early bird bonus system built into the ICO to incentivise early investment, according to the following schedule: